December 2019 IssueLong scroll reading

Manager Changes, November 2019

By Chip

Because the manager change at Elfun Diversified (ELDFX) made Chip’s brain itch (“I’m sorry. ‘Elf Fun,’ what on earth is that about?”) I wanted to take a moment to explain the distinctive moniker. The Elfun funds were originally part of the General Electric retirement system. Their names are a contraction of “Electric Funds.” In a remembrance of his recently-deceased father, Walt Thiessen wrote:

Elfun (short for “electric fund”) was originally a private, upper echelon organization for GE’s top-level managers that enabled those invited to engage in some excellent investment opportunities. One of the main criteria for invitation was that the invitee must be directly involved in his or her local community in a voluntary way. 

In becoming Elfun’s secretary, Mr. Theissen worked to broaden the organization to include hundreds more employees. The original investment fund launched in 1935 and is now named Elfun Trust. The remainder of the Elfun funds launched in the 1980s in response to the broadening of Elfun’s reach; though administered by State Street, they remain available only to GE employees and their families. And now you know.

Beyond that, about 60 funds recorded partial or complete manager changes this month. Lots of “name on the door” changes are afoot. Gerstein Fisher funds now operate without Mr. Fisher, Marmont Redwood is losing Marmont, the Rampart has fallen from Virtus Rampart and Miller/Howard might soon be just /Howard. In other news, the Delaware Funds posted changes in seven of their vehicles.

Ticker Fund Out with the old In with the new Dt
AMMVX Aegon Emerging Markets Debt Fund James Rich will no longer serve as a portfolio manager for the fund. Jeffrey Grills joins Sarvjeev Sidhu, Phillip Torres, and Brian Westhoff on the management team. 11/19
MBESX AMG Chicago Equity Partners Balanced Fund Patricia Halper will no longer serve as a portfolio manager of the fund Keith Gustafson will Michael Budd, Curt Mitchell, and Michael Lawrence on the management team. 11/19
MDBAX BlackRock Basic Value Fund No one, but . . . David Zhao, Franco Tapia, and Tony DeSpirito join Carrie King and Joseph Wolfe on the management team. 11/19
LEGAX Columbia Large Cap Growth Fund John Wilson will no longer serve as a portfolio manager for the fund. Peter Santoro and Melda Mergen join Tchintcia Barros in managing the fund. 11/19
NSGAX Columbia Select Large Cap Equity Fund No one, but . . . Tiffany Wade joins Peter Santoro and Melda Mergen on the management team. 11/19
AMVAX Columbia Select Small Cap Value Fund David Hoffman will no longer serve as a portfolio manager for the fund. Kari Montanus and Jonas Patrikson remain to manage the fund. 11/19
FIUTX Delaware Equity Income Sean Reidy is no longer listed as a portfolio manager for the fund. Kristen Bartholdson, Nikhil Lalvani, and Robert Vogel will now manage the fund. 11/19
FIISX Delaware Global Equity Pedro Marcal is no longer listed as a portfolio manager for the fund. Åsa Annerstedt, Chris Gowlland, Jens Hansen, Claus Juul, and Klaus Petersen will now manage the fund. 11/19
FGINX Delaware Growth and Income Sean Reidy is no longer listed as a portfolio manager for the fund. Kristen Bartholdson, Nikhil Lalvani, and Robert Vogel will now manage the fund. 11/19
FIINX Delaware International Matthew Benkendorf, Daniel Kranson, and David Souccar are no longer listed as portfolio managers for the fund. Åsa Annerstedt, Chris Gowlland, Jens Hansen, Claus Juul, and Klaus Petersen will now manage the fund. 11/19
FIUSX Delaware Opportunity Thomas Alonso is no longer listed as a portfolio manager for the fund. Christopher Beck, Kelley McKee Carabasi, Steven Catricks, Michael Foley, and Kent Madden will now manage the fund. 11/19
FISSX Delaware Special Situations Thomas Alonso is no longer listed as a portfolio manager for the fund. Christopher Beck, Kelley McKee Carabasi, Steven Catricks, Michael Foley, and Kent Madden will now manage the fund. 11/19
FITRX Delaware Total Return Rajeev Sharma, Clinton Momeaux, Bryan Peterman, and Sean Reidy are no longer listed as portfolio managers for the fund. Damon Andres and Babak Zenouzi will now manage the fund. 11/19
ELDFX Elfun Diversified Geoffrey Preston is no longer listed as a portfolio manager for the fund. Leo Law, Michael Martel, and Seamus Quinn will now manage the fund. 11/19
CAPAX Federated Capital Income Fund John Nichol will no longer serve as a portfolio manager for the fund. Linda Bakhshian, Jerome Conner, Todd  Abraham, Mark Durbiano, and Ihab Salib will continue to manage the fund. 11/19
LEIFX Federated Equity Income Fund John Nichol will no longer serve as a portfolio manager for the fund. Linda Bakhshian will continue to manage the fund and will be joined by Stephen Gutch on January 1, 2020. 11/19
FMUAX Federated Muni and Stock Advantage Fund John Nichol will no longer serve as a portfolio manager for the fund. Linda Bakhshian, Jerome Conner, Todd  Abraham, Mark Durbiano, and Ihab Salib will continue to manage the fund. 11/19
FLVIX Fidelity Advisor Leveraged Company Harley Lank no longer serves as portfolio manager of the fund. Brian Chang and Mark Notkin will now manage the fund. 11/19
FBALX Fidelity Balanced Fund Richard Malnight will no longer serve as a portfolio manager for the fund. Jody Simes joins the other eight managers on the team. 11/19
FDAGX Fidelity Consumer Staples Portfolio James McElligott no longer serves as portfolio manager of the fund. Nicola Stafford now manages the fund. 11/19
FDFAX Fidelity Select Consumer Staples James McElligott no longer serves as portfolio manager of the fund. Nicola Stafford now manages the fund. 11/19
FSDPX Fidelity Select Materials Portfolio Richard Malnight will no longer serve as a portfolio manager for the fund, effective April 30, 2020. Jody Simes joins Richard Malnight in managing the fund and will continue upon his departure. 11/19
HROAX FinTrust Income and Opportunity Fund No one, but . . . John Mills joins Allen Gillespie and David Lewis in managing the fund. 11/19
GFMRX Gerstein Fisher Multi-Factor Global Real Estate Securities Fund Gregg Fisher has resigned and will no longer serve as a portfolio manager for the fund. William Jollie, Sanjeev Pati, and Ashvin Viswanathan will now manage the fund. 11/19
GFMGX Gerstein Fisher Multi-Factor Growth Equity Fund Gregg Fisher has resigned and will no longer serve as a portfolio manager for the fund. William Jollie, Sanjeev Pati, and Ashvin Viswanathan will now manage the fund. 11/19
GFIGX Gerstein Fisher Multi-Factor International Growth Equity Fund, Gregg Fisher has resigned and will no longer serve as a portfolio manager for the fund. William Jollie, Sanjeev Pati, and Ashvin Viswanathan will now manage the fund. 11/19
GEDZX GuideStone Funds Extended-Duration Bond Fund No one, but . . . Richard Fong and Justin Henne of Parametric Portfolio Associates are added as to the manager lineup. 11/19
GLDYX GuideStone Funds Low-Duration Bond Fund No one, but . . . Richard Fong and Justin Henne of Parametric Portfolio Associates are added as to the Low-Duration Bond Fund and Medium-Duration Bond Fund. They join a seven-person team from Payden & Rygel. 11/19
OSMAX Invesco Oppenheimer International Small-Mid Company No one, but . . . David Nadel joins Frank Jennings, though it’s not clear how long they’ll remain a couple. Mr. Jennings is committed to serve as Portfolio Manager “to ensure a smooth transition” which sounds rather interim to us. 11/19
OREAX Invesco Oppenheimer Real Estate David Wharmby will no longer serve as a portfolio manager for the fund. Darin Turner, Mark Blackburn, James Cowen, Paul Curbo, Grant Jackson, Joe Rodriguez, and Ping-Ying Wang will now manage the fund. 11/19
OQGIX Invesco Oppenhiemer Macquarie Global Infrastructure Bradford Frishberg and Anthony Felton will no longer serve as a portfolio managers for the fund. Darin Turner, Mark Blackburn, James Cowen, Paul Curbo, Grant Jackson, Joe Rodriguez, and Ping-Ying Wang will now manage the fund. 11/19
JHCDX John Hancock II Core Bond Fund No one, immediately, but … effective on December 31, 2020, Thomas O’Connor will be retiring as a portfolio manager of the fund. Following Mr. O’Connor’s retirement, Maulik Bhansali and Jarad Vasquez will continue as portfolio managers of the fund. 11/19
MRIDX Marmont Redwood International Equity Fund Redwood Investments, LLC and Marmont Parners, LLC will no longer advise the fund effective January 1, 2020. Hardman Johnston Global Advisers, LLC will manage the fund on January 1, 2020. 11/19
MMBWX MassMutual Select T. Rowe Price Retirement Balanced Fund Jerome Clark has announced his intention to step down, effective January 1, 2021. Kimberly DeDominicis will join Jerome Clark and Wyatt Lee on the management team. 11/19
MFBVX Mesirow Financial Enhanced Core Plus Fund Luke Lau will no longer serve as a portfolio manager for the fund. The other four managers remain with this fund, which just launched on October 1st. 11/19
MIDAX MFS International New Discovery No one immediately, but David Antonelli will be leaving effective April 15, 2021. Peter Fruzzetti, Jose Luis Garcia and Robert Lau will remain. 11/19
DBBDX Miller/Howard Drill Bit to Burner Tip Fund Lowell Miller has announced his intention to retire on or about November 15, 2020. He will resign from his current position as Chief Investment Officer of Miller/Howard, and will no longer serve as a portfolio manager to the fund. John Cusick, John Leslie, Michael Roomberg, Bryan Spratt, and Gregory Powell will continue to manage the fund. 11/19
MHIDX Miller/Howard Income‑Equity Fund Lowell Miller has announced his intention to retire on or about November 15, 2020. He will resign from his current position as Chief Investment Officer of Miller/Howard, and will no longer serve as a portfolio manager to the fund. John Cusick, John Leslie, Michael Roomberg, Bryan Spratt, and Gregory Powell will continue to manage the fund. 11/19
QISRX Pear Tree Polaris International Opportunities Martin Schulz and Calvin Yang will no longer serve as a portfolio manager for the fund. Sumanta Biswas, Jason Crawshaw, and Bin Xiau will now manage the fund. 11/19
PRMTX T. Rowe Price Communications & Technology Fund No one, immediately, but … Effective November 7, 2019, James Stillwagon will join Paul Greene as a co-portfolio manager of the fund. Effective April 1, 2020, Mr. Greene will step down from his role and Mr. Stillwagon will become sole portfolio manager of the fund. 11/19
TGLDX Tocqueville Gold Fund, soon to become the Sprott Gold Fund Ryan McIntyre will no longer serve as a portfolio manager for the fund. John Hathaway and Douglas Groh will continue to manage the fund. 11/19
TOPPX Tocqueville Opportunity Fund Thomas Vandeventer is no longer a portfolio manager of the fund. Paul Lambert will now manage the fund. 11/19
TTAI Trimtabs All Cap International Free-Cash-Flow ETF Theodore M. Theodore is no longer listed as a portfolio manager for the fund. Janet Johnston will continue to manage the fund. 11/19
TTAC Trimtabs All Cap U.S. Free-Cash-Flow ETF Theodore M. Theodore is no longer listed as a portfolio manager for the fund. Janet Johnston will continue to manage the fund. 11/19
ZNAVX USA Mutuals Navigator Fund Jordan Waldrep will no longer serve as a co-portfolio manager of the fund. Steven Goldman will continue to manage the fund. 11/19
VICEX USA Mutuals Vitrium, formerly the Vice Fund Jordan Waldrep will no longer serve as a portfolio manager of the fund. Jeffrey Helfrich and Charles Norton now manage the fund. 11/19
VBCVX VALIC Company I Systematic Value Mark Giambrone, Michael Nayfa, and Terry Pelzel are no longer listed as portfolio managers for the fund. Thomas Simon and Gregg Thomas are now managing the fund. 11/19
VEMBX Vanguard Emerging Markets Bond Fund No one, but . . . Mauro Favini joins Daniel Shaykevich in managing the fund. 11/19
VGCIX Vanguard Global Credit Bond Fund No one, but . . . Arvind Narayanan joins Samuel Martinez and Daniel Shaykevich in managing the fund. 11/19
PDPAX Virtus Rampart Alternatives Diversifier Fund, which may soon become Virtus Duff & Phelps Real Asset Fund. Rampart Investment Management will no longer subadvise the fund, effective January 14, 2020. Duff & Phelps will subadvise the fund. 11/19
IAPVX Voya Global Perspectives Effective October 31, 2019, Karyn Cavanaugh no longer serves as a portfolio manager for the fund. Douglas Coté will continue to manage the fund. 11/19
IPARX Voya Global Perspectives Portfolio Effective October 31, 2019, Karyn Cavanaugh no longer serves as a portfolio manager for the fund. Douglas Coté will continue to manage the fund. 11/19
MBFAX Wells Fargo Core Bond Fund No one, immediately, but … Thomas O’Connor has announced his intention to retire on December 31, 2020. Maulik Bhansali and Jarad Vasquez will continue to manage the fund, upon Mr. Rifkin’s retirement. 11/19
EKGAX Wells Fargo Global Small Cap Fund No one, immediately, but … Robert Rifkin has announced his intention to retire on April 15, 2020. James Tringas, Oleg Makhorine, and Bryant VanCronkhite will continue to manage the fund, upon Mr. Rifkin’s retirement. 11/19
IPBAX Wells Fargo Real Return Fund Effective immediately, Kayvan Malek is removed as a portfolio manager to the fund. Kandarp Acharya, Petros Bocray, Michael Bradshaw,  Christian Chan, Jay Mueller, Garth Newport, and Thomas Price will remain as portfolio managers. 11/19
WSGIX Wells Fargo Short Duration Government Bond Fund No one, immediately, but … Thomas O’Connor has announced his intention to retire on December 31, 2020. Maulik Bhansali and Jarad Vasquez will continue to manage the fund, upon Mr. Rifkin’s retirement. 11/19
ESPAX Wells Fargo Special Small Cap Value Fund No one, immediately, but … Robert Rifkin has announced his intention to retire on April 15, 2020. James Tringas and Bryant VanCronkhite will continue to manage the fund, upon Mr. Rifkin’s retirement. 11/19
EVUAX Wells Fargo Utility and Telecommunications Timothy O’Brien is no longer listed as a portfolio manager for the fund. Kent Newcomb and Jack Spudich will now manage the fund. 11/19

 

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About Chip

Cheryl Welsch, MBA (Western Governors). Cofounder, technical director. Chip is the lead developer for information technology, virtual reality, and business programs at Eastern Iowa Community Colleges. Chip is responsible for making the Observer actually happen; in cooperation with our graphic designer, she also controls how the Observer looks and acts. She also writes our monthly Manager Changes feature and whittles away at the typofest in our drafts.